Should I Name my Kids as Beneficiaries on my Investment Accounts?

Generally speaking, we prefer if you name a beneficiary over 18, so if your children are adults, then yes. However, minors who receive an inheritance must go through legal steps to have a guardian assigned. An alternative to naming minor children as a beneficiary is to create a Revocable Trust. In this trust document, you can control who would be the executor and manage the money for your minor child. In this case, the beneficiary would be the Trust. This keeps the inheritance out of the legal process or probate, it also lets your loved ones know who you would like to manage the money until your child becomes legal age.

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